Now make the most of instant asset write-off scheme

Do you have older network infrastructure, computer, laptop, server or backup solutions?

Are you afraid to upgrade thinking it would cost you more money?

Don’t worry; you will now have another 12 months to take full advantage of the instant asset write off scheme & claim on your tax return up to $20,000. 

The instant tax write-off for Australian small businesses buying assets for under $20,000 would be extended to June 2019.

The so-called instant asset write-off measure enables small businesses with annual turnover of under $10 million to straight away deduct purchases of most assets under $20,000.

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Now make the most of instant asset write-off scheme

“For small business we will once again extend the instant asset write off for businesses with a turnover up to $10 million for purchases of up to $20,000,” said Treasurer Scott Morrison.

It is undoubtedly a small win for Australian small businesses, which have embraced this scheme since it was introduced in the 2015 budget.

However, the announcement has also disappointed those in the small business community who had hoped to see this scheme become a permanent feature of the tax system.

After first being introduced in the 2015/16 budget, the scheme was extended in 2016/17 & was about to expire in this year June.

The 12 months extension of this offer is expected to improve cash flow for small businesses, as well as boost business activity  investment.

“Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the general small business pool (the pool) and depreciated at 15 per cent in the first income year and 30 per cent each income year thereafter. The pool can also be immediately deducted if the balance is less than $20,000 over this period (including existing pools),” said former ATO director and current head of tax communications at H&R Block, Mark Chapman.

So what are you waiting for? Make the most of this  scheme now.

Call us on tel: 1300359664 for free audit.

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